American Shared Hospital Services (NYSE AMERICAN: AMS), a provider of medical laboratory services, announced the results of its Annual Meeting of Shareholders held on Monday. Shareholders voted on three key proposals, including the election of directors, executive compensation, and the ratification of the company's independent registered public accounting firm.
The company reported that a quorum was achieved with 73.31% of outstanding shares represented at the meeting. Four nominees were elected to the Board of Directors: Daniel G. Kelly, Jr., Kathleen Miles, Raymond C. Stachowiak, and Vicki L. Wilson. All nominees received a significant majority of votes, with Stachowiak garnering the highest number of votes for.
The advisory vote on the company’s executive compensation also passed with a majority, receiving 3,216,533 votes for, 66,715 votes against, and 30,056 votes abstained. The ratification of the independent registered public accounting firm was approved with 4,624,452 votes for, 12,597 votes against, and 3,551 votes abstained.
These results were finalized and provided by Equiniti Trust Company, LLC, the independent inspector of elections for the Annual Meeting.
This news is based on a recent SEC filing by American Shared Hospital Services.
In other recent news, American Shared Hospital Services (AMS) revealed a 5.9% increase in total revenue for Q1 2024, reaching $5.2 million, and a 12.3% rise in gross margin to $2.1 million. Despite these positive figures, the company reported an operating loss of $85,000 and a decrease in net income to $119,000, or $0.02 per diluted share. On the expansion front, AMS acquired a majority interest in three radiation therapy centers in Rhode Island and is pursuing growth in Latin America.
Recently, AMS has seen a change in its management with the appointment of Greg Mercurio as Senior Vice President of Radiation Oncology after the departure of CEO Peter Gaccione. The company ended the quarter with over $13 million in cash and equivalents and a shareholders' equity of $22.84 million. AMS also reported a projected revenue backlog of over $210 million, indicative of its strong sales pipeline and expansion efforts.
However, the startup of the Puebla, Mexico location and new radiation therapy centers in Rhode Island has been delayed due to regulatory issues and construction delays. Despite these challenges, the company remains optimistic about future opportunities and is focused on international growth with new treatment capabilities in Ecuador, strong performance in Peru, and a new center in Puebla, Mexico.
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